Appreciate the requirements of analytical procedures and how to incorporate preliminary, substantive and final analytics into audit engagements in an efficient manner (1.5 CPD).
Canadian Auditing Standards (CAS 315 and CAS 520) require analytical procedures at all stages of the audit. Preliminary analytics are performed at the risk assessment phase to identify balances that require an audit response. Substantive analytical procedures are a powerful tool in obtaining sufficient appropriate audit evidence. Final analytics are performed during the completion phase of engagement to ensure all risks have been addressed. (1.5 CPD)